407 International Inc. to Redeem $250 Million of Senior Notes and $300
Million of Subordinated Notes

TORONTO, Nov. 29 /CNW/ - 407 International Inc. (the "Company") announced today that it has exercised its right to redeem all of the outstanding notes of the following issues on December 29, 2010:

$250,000,000, 4.50% Senior Medium-Term Notes, Series 08-A1, due January 25, 2011 (CUSIP No. 35085 ZAW 6) (the "Senior Notes") Redemption Price: C$1,002.13 for each $1,000 principal amount of the Senior Notes Accrued and unpaid interest: C$19.36 for each $1,000 principal amount of the Senior Notes Total Redemption Price, including accrued and unpaid interest: C$1,021.49 for each $1,000 principal amount of the Senior Notes

$300,000,000, 5.00% Subordinated Medium-Term Notes, Series 08-D1, due January 31, 2011 (CUSIP No. 35085 ZAX 4) (the "Subordinated Notes") Redemption Price: C$1,002.97 for each $1,000 principal amount of the Subordinated Notes Accrued and unpaid interest: C$20.68 for each $1,000 principal amount of the Subordinated Notes Total Redemption Price, including accrued and unpaid interest: C$1,023.65 for each $1,000 principal amount of the Subordinated Notes

The respective redemption prices for the Senior Notes and the Subordinated Notes are each determined in accordance with the provisions of the amended and restated master trust indenture dated as of July 20, 1999, as supplemented, the twenty-second supplemental indenture thereto dated as of December 11, 2007, and, in respect of the Senior Notes, pricing supplement no. 1 dated January 22, 2008 to the short form base shelf prospectus dated December 11, 2007, and, in respect of the Subordinated Notes, pricing supplement no. 2 dated January 24, 2008 to that prospectus.

Notices of redemption will be delivered today to CDS Clearing and Depository Services Inc. ("CDS") and the trustee, BNY Trust Company of Canada. Non-registered holders (banks, brokerage firms or other financial institutions) who maintain an interest in the Senior Notes or the Subordinated Notes through CDS should contact their CDS customer service representative with any questions about the redemptions. Alternatively, beneficial holders with any questions about the redemptions should contact their representative brokerage firm or financial institution, which holds interests in the Senior Notes or the Subordinated Notes on their behalf.

The Company will finance the redemption of the Senior Notes from the proceeds of its recently issued $400,000,000, 4.30% Senior Medium-Term Notes, Series 10-A3, due May 26, 2021. The Company will finance the redemption of the Subordinated Notes, in part, from the proceeds of its recently issued $300,000,000, 3.87% Subordinated Medium-Term Notes, Series 10-D1, due November 24, 2017.

407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll, SNC-Lavalin Inc. and Canada Pension Plan Investment Board.

For further information:

Investors:	Media:
Louis-M. St-Maurice	Kevin Sack
Chief Financial Officer	Vice-President, Communications and Government Relations
Tel: [phone]	Tel: [phone]